Asian Electronics to raise Rs 99cr

The board of directors of Asian Electronics, which met today, approved a proposal to issue 37,00,000 equity share warrants to investors on placement basis at Rs 173 per warrant to raise Rs 64.01 crore.

According to a release issued by the company to the BSE today, the promoter group will also subscribe to 20 lakh convertible share warrants at Rs 173 per warrant for Rs 34.60 crore.

"The warrants carry the right of conversion into equity shares within nine months from the date of allotment," the release added.

The board meeting also decided to grant stock options of 4,25,000 equity shares of Rs 10 each to eligible employees /directors at Rs 173 per share.

The board has called an EGM on September 8, 2005 to clear the above proposals, the release added.